Struggling to get a loan at a good rate

[Deleted User]

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

Thats a fair enough comment, but the reason I am so fixated on preapproval checks is because the loans market since 2012 has been moving in the direction of quotes and preapproval in a bid to bolster confidence for borrowers given the taboo that surrounds hard credit checks.

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

As well as the essential information you put on the application which gives them 90% of the information they need.

The full application will simply verify the data you have provided with either more checks with other CRAs not tied to the preapproval checks, and to verify your income/proof of identity/address with further documentation like payslips and bills etc.

This is why I place importance on them, unless someone can tell me that a soft search does not pull the same data as a hard search from a given CRA

[Deleted User]

Nebulous2 said:

Adams18 - despite being told that you can use the checker as often as you like, I think your use of it could be a problem. 

For car insurance they are concerned about people trying to game the system to get a suitable quote and people who have changed details such as job, address etc to get better quotes are having policies cancelled. 

National Hunter check details such as salary, across applications, for discrepancies. I think you should submit a subject access request to them, to see what information they hold on you. 

Nebulous2 said:

Adams18 - despite being told that you can use the checker as often as you like, I think your use of it could be a problem. 

For car insurance they are concerned about people trying to game the system to get a suitable quote and people who have changed details such as job, address etc to get better quotes are having policies cancelled. 

National Hunter check details such as salary, across applications, for discrepancies. I think you should submit a subject access request to them, to see what information they hold on you. 

Yeah I've considred making a request but it takes a month for them to reply and I gotta fill in some paper application, scan it, submit it etc.

I'll look into it, but for the most part I've been pretty consistent with all details I put into an application by keeping in mind that someone is watching each time for discrepancies.

Batesy1976

Adams18 said:

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

They don't get the same data though.

[Deleted User]

Batesy1976 said:

Adams18 said:

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

They don't get the same data though.

Whats the difference in the data then?

Nebulous2

Adams18 said:

Nebulous2 said:

Adams18 - despite being told that you can use the checker as often as you like, I think your use of it could be a problem. 

For car insurance they are concerned about people trying to game the system to get a suitable quote and people who have changed details such as job, address etc to get better quotes are having policies cancelled. 

National Hunter check details such as salary, across applications, for discrepancies. I think you should submit a subject access request to them, to see what information they hold on you. 

Yeah I've considred making a request but it takes a month for them to reply and I gotta fill in some paper application, scan it, submit it etc.

I'll look into it, but for the most part I've been pretty consistent with all details I put into an application by keeping in mind that someone is watching each time for discrepancies.

That's not what you said earlier. You have convinced me that something has gone wrong if the checkers are saying you aren't eligible for anything at all. It might be worth doing - nothing else is working is it? 

This is what you said before:- 

Adams18 said:

Yeah ive played around with the checker a bit changing loan terms, salary and reason by same answer.

was just trying to figure out what was deemed as a viable borrower at the time

[Deleted User]

Nebulous2 said:

Adams18 said:

Nebulous2 said:

Adams18 - despite being told that you can use the checker as often as you like, I think your use of it could be a problem. 

For car insurance they are concerned about people trying to game the system to get a suitable quote and people who have changed details such as job, address etc to get better quotes are having policies cancelled. 

National Hunter check details such as salary, across applications, for discrepancies. I think you should submit a subject access request to them, to see what information they hold on you. 

Yeah I've considred making a request but it takes a month for them to reply and I gotta fill in some paper application, scan it, submit it etc.

I'll look into it, but for the most part I've been pretty consistent with all details I put into an application by keeping in mind that someone is watching each time for discrepancies.

That's not what you said earlier. You have convinced me that something has gone wrong if the checkers are saying you aren't eligible for anything at all. It might be worth doing - nothing else is working is it? 

This is what you said before:- 

Adams18 said:

Yeah ive played around with the checker a bit changing loan terms, salary and reason by same answer.

was just trying to figure out what was deemed as a viable borrower at the time

Sorry, I don't understand the point you're making!

To be clear, when I said this

"Yeah I've considred making a request but it takes a month for them to reply and I gotta fill in some paper application, scan it, submit it etc."

I meant I visited the NationalHunter website to understand how I can make a Subject Access Request, and the process looked tedious/slow. Filling in a paper application, providing supporting documentation on identity and proof of address, and then signing them. And they respond in around 1 month time with your data.

When I said this

"I'll look into it, but for the most part I've been pretty consistent with all details I put into an application by keeping in mind that someone is watching each time for discrepancies."

I meant whenever I use a comparison site or eligibility checker tool for loans, for the most part I have entered consistent information. I've just varied how much I earn 1/100 times, and varied the reason 5/100 times for example.

Just to gauge what they are looking for, I wouldn't put wrong information on an app and proceed with it, merely using the eligibility checker to my advantage as it is open to the public to literally get an idea.

But for example when it asks me how long I've been at my address, in all 100 times I've played with it I've put the exact month and exact year, and for my job role, the exact title and the exact industry for example.

I say 100 times just as an example of how many times ive used these preapproval tools, not sure it's that many... but I've definitely used it a lot.

Batesy1976

Adams18 said:

Batesy1976 said:

Adams18 said:

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

They don't get the same data though.

Whats the difference in the data then?

The data isn't in real-time and it's more limited in what it shows.

[Deleted User]

Batesy1976 said:

Adams18 said:

Batesy1976 said:

Adams18 said:

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

They don't get the same data though.

Whats the difference in the data then?

The data isn't in real-time and it's more limited in what it shows.

Okay maybe it is real-time which is fine, but how limited is it? Because from my research online, and speaking to the CRA's and Lender they agree the soft search brings up the exact same information as a hard search.

So you think the lenders can see information on my credit file that I can't see myself? Doesn't sound right does it.

Batesy1976

Adams18 said:

Batesy1976 said:

Adams18 said:

Batesy1976 said:

Adams18 said:

cymruchris said:

Adams18 said:

i was being pestered by my bank every month about a personal loan at a personalised rate for me.

Now its not available anymore past few months!

Again you know that being targeted in a marketing campaign to 'likely' customers in no way guarantees acceptance? even if they label it pre-approved? It's all subject to a final hard search - and some have found that's led to an auto-decline - even after being pre-approved. 

You've been saying how hard it is to get a loan now compared to a few months ago - but you haven't actually applied for anything across the whole timeframe - just because the eligibility checker is throwing out a different result - your 'actual' result could still be the same - and you won't know until you actually apply. Eligibility checkers have never been foolproof. I had a zero percent chance of getting both a Virgin and Sainburys credit card according to the checkers - but on full application both went through without issue. You're currently too focused on 'could-be's' and 'might-be's'. The only way you'll know is to actually apply - and then you'll know if you fit the criteria or not. 

And these preapproval checks are the same essentially as hard checks... what's the fundamental difference? Nothing. The caveat is other lenders won't see the search, but the lender you are checking with will get all the same data on your credit history and file and everything.

They don't get the same data though.

Whats the difference in the data then?

The data isn't in real-time and it's more limited in what it shows.

Okay maybe it is real-time which is fine, but how limited is it? Because from my research online, and speaking to the CRA's and Lender they agree the soft search brings up the exact same information as a hard search.

So you think the lenders can see information on my credit file that I can't see myself? Doesn't sound right does it.

If you want more information, your friends in the lending department should be able to assist you.

[Deleted User]

Lover_of_Lycra said:

To give the thread some context the OP’s parents divorced some time ago with the mother retaining a 75% share of the property and his father 25% with some weird conditions upon which that 25% can be relinquished. 

Father died intestate and as the father’s only child the OP should inherit the 25% but the father’s partner (not married) at the time of his death might contest this. For some reason none of the parties involved want to get this resolved one way or another. 

Meanwhile the interest only mortgage term is coming to an end and neither parent had a repayment vehicle in place. Mother doesn’t want to sell and doesn’t want another loan secured against the property and is now putting undue pressure on the op to sort out the mess. 

It seems the OP is under a lot of pressure which might explain the posts as the frustration of the situation is directed towards everyone but the architects of this situation.  

Thank you.

This is the nicest post I have seen from you actually you took the time to understand the situation and read through my previous history.